SOURCE: Ideation Acquistion Corp.

October 06, 2009 09:00 ET

Ideation Acquisition Corporation Announces Mailing of Definitive Proxy Statement for Special Meeting of Stockholders to Approve Acquisition of SearchMedia, Inc.

WILMINGTON, DE--(Marketwire - October 6, 2009) - Ideation Acquisition Corp. ("Ideation" or the "Company") (NYSE Amex: IDI) (NYSE Amex: IDI.U) (NYSE Amex: IDI.WS) announced today that it has commenced mailing its definitive proxy statement, which was filed with the Securities and Exchange Commission on October 5, 2009. Ideation's Special Meeting of Stockholders will be held on October 27, 2009 at 8:30 am Eastern Time at the offices of Akerman Senterfitt, at One S.E. Third Avenue, 25th Floor, Miami, Florida 33131. Ideation stockholders of record as of the close of business on October 2, 2009 (the "Record Date") will receive notice of and voting materials relating to this special meeting.

About Ideation Acquisition Corp.

Ideation is a publicly traded special purpose acquisition corporation, or SPAC, formed to acquire one or more businesses with a focus on the media sector. As of June 30, 2009, Ideation has in its trust account approximately US$78.8 million (including deferred underwriting fees of US$2.7 million) from the proceeds raised through its initial public offering in November 2007 and interest thereon. As of June 30, 2009, the amount per share available upon liquidation of the trust was approximately US$7.8815. Ideation is headquartered in Wilmington, Delaware.

About SearchMedia

SearchMedia is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. SearchMedia currently operates a network of over 1,500 high-impact billboards with over 500,000 square feet of surface display area and one of China's largest networks of in-elevator advertisement panels consisting of over 175,000 frames in 57 cities throughout China. SearchMedia ranked first in market share of in-elevator advertising displays in 13 out of the 26 most affluent cities in China and ranked second in an additional nine of these cities, according to Nielsen Media Research. Additionally, SearchMedia operates a network of large-format light boxes in concourses of eight major subway lines in Shanghai. SearchMedia's core outdoor billboard and in-elevator platforms are complemented by its subway advertising platform, which together enable it to provide multi-platform, "one-stop shop" services for its local, national and international advertising clients that numbered more than 780 cumulatively from its inception to July 31, 2009.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995. Any such forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations such as material adverse events affecting Ideation and SearchMedia, their ability to complete a business combination and those other risks and uncertainties detailed in Ideation's filings with the Securities and Exchange Commission (the "SEC"). Ideation and SearchMedia caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Ideation and SearchMedia do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.

Participation in Solicitation/Additional Information

In connection with the proposed transaction, Ideation and ID Arizona Corp. filed Amendment No. 4 to Form S-4 containing a proxy statement/prospectus in conjunction with the transaction with the SEC on September 30, 2009. A definitive Proxy Statement/Prospectus was mailed to Ideation stockholders on October 5, 2009. INVESTORS AND SECURITY HOLDERS OF IDEATION ARE URGED TO READ A DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY. Investors and security holders will be able to obtain free copies of the Registration Statement and the definitive Proxy Statement/Prospectus and other documents filed with the SEC by Ideation through the website maintained by the SEC at www.sec.gov. Free copies of the Registration Statement and the Proxy Statement/Prospectus and other documents filed with the SEC can also be obtained by directing a request to Ideation, 1105 N. Market Street, Suite 1300, Wilmington, Delaware 19801.

Ideation, SearchMedia and their respective directors, executive officers, affiliates and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Ideation's directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the SEC on March 20, 2009, and information regarding SearchMedia's directors and executive officers is available in Ideation's and ID Arizona Corp.'s Proxy Statement/Prospectus, which was filed with the SEC on October 5, 2009, and can be found on the SEC website at www.sec.gov under the registrant name "ID Arizona Corp." or "Ideation Acquisition Corp." Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the definitive Proxy Statement/Prospectus.

Contact Information

  • Contact:
    Devlin Lander
    ICR
    (415) 292-6855